On Monday, the price of oil is declining after a significant increase in the results of the past week. Last Friday, Brent quotes reached the level of $85.40 per barrel amid news about the lifting of coronavirus restrictions in China and increased optimism about fuel demand in the country and the world. The current price of Brent is $84.60 per barrel. North American WTI oil is trading near the level of $78.90 per barrel after rising to $80.10 last Friday. At the end of last week, Brent rose in price by 8.3%, WTI – by 8.5%. Moreover, both contracts ended trading at highs since the beginning of the year. In addition to the opening of the Chinese economy, additional support for oil quotes was provided by data on a decrease in inflation in the United States. The slowdown in consumer price growth has added to investors' optimism about the US economy. In addition, the weakening of the dollar also supported commodity prices. This week, you should pay attention to the monthly reports of OPEC and the International Energy Agency, which will be published on Tuesday and Wednesday. Investors also estimate data from the oilfield services company Baker Hughes, according to which the number of operating oil drilling rigs in the United States increased by 5 units last week and amounted to 623. The number of gas rigs decreased by two, to 150 units.
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